PRESS RELEASE

Consob adopted a precautionary measure prohibiting the provision of investment services  and activities in Italy to the Cypriot investment firm Rodeler Limited and in relation to the following Internet domains related to the company:

1) www.24option.com,

2) www.rodeler.com,

3) www.24fx.com,

4) www.grandoption.com,

5) www.quickoption.com.

This measure is the second precautionary provision of this kind issued by Consob, after the one recently adopted with reference to Hoch Capital Limited.

The prohibition - issued on the basis of article 7-quater, paragraph 4 of the Consolidated Law on Finance (Tuf), implementing Article 86 of Mifid2, the European regulation on the provision of investment services - intends to ensure protection to the Italian investors.

The measure was  necessary after Rodeler Limited has been reiterating its infringements of the regulations in force in spite of the directions of the Cyprus Securities and Exchange Commission (CySec, the Cypriot national Authority for the supervision of financial markets)  issued in compliance with the reports sent by Consob to the CySec itself.

It is therefore forbidden as a precautionary measure to Rodeler Limited to provide  investment services in Italy and to make solicitations and acquisitions of new clients in our country as well as to continue its relations with Italian clients. The investment firm must be compliant with the detailed orders given by the Italian clients for closing the open accounts.

The prohibition was justified by several complaints forwarded, even recently, to Consob by Italian investors, describing serious irregularities made by the Cypriot intermediary. The  complaints forwarded by the  investors include, among other things, activities related to Contracts for Difference (Cfd), financial instruments on which Consob - in compliance with similar measures already adopted by ESMA, the European  Authority on financial markets - already intervened on last 20 June 2019, restricting the marketing of Cfd in Italy to retail investors in compliance with the product intervention's rules.

These complaints also refer to  instances such as the total loss of the invested capital, inappropriate classification of clients and aggressive marketing techniques.

Rodeler Limited, based in Limassol, is an investment firm  regulated by Cypriot law operating in Italy on the basis of the freedom to provide investment services in compliance of the "European passport", provided by Mifid2. According to the EU regulations, the authorization issued by the Supervisory Authority of the Home Country, in this case the CySec, enables the investment firm to be provide investment services and activities  in all the other EU member countries, after a specific notification. Due to the principle of home country control, the intermediaries must be compliant with the supervision of the CySec, while the Authorities of the host country, including Consob, have no supervisory and enforcement powers.

Consob's precautionary measure  will remain in force until clear evidence is obtained from CySec to prove the  overcoming by Rodeler Limited of the critical features reported by the Italian clients.

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